Stocks drop amid uncertainty over virus impact; Amazon soars

U.S. stocks fell broadly in midday trading on Friday amid ongoing uncertainty about the potential economic impact of the virus outbreak that originated in China.

The World Health Organization has declared the outbreak a “global emergency,” a designation that signals the virus is now a significant risk to other countries and requires a global response. Cases have spiked in China, along with deaths there, and the U.S. is now advising against all travel to the world’s second largest economy.

Technology stocks led the losses. Apple, which relies on Chinese consumers for sales and factories for supplies, fell 2.3%. Nvidia slid 2.9% and other chipmakers slipped.

Airlines were also among the biggest losers. American Airlines fell 3% and Delta Air Lines slipped 2% as both companies suspend flights to and from China.

Banks and energy companies also broadly fell. Exxon and Chevron both fell after issuing fourth-quarter results.

Bond prices rose. The yield on the 10-year Treasury fell to 1.52% from 1.55% late Thursday.

Amazon was the standout in the early going as a stellar earnings report helped push its market value to slightly more than $1 trillion. Colgate-Palmolive and other makers of household goods held up better than most of the market, as did utilities.